Bangladesh Bank (BB) has initiated a process to build an IT-based monitoring platform to ensure foolproof surveillance on baking sector.

The process has been expedited against the backdrop of the Hallmark credit scam that makes many skeptical about the current supervision on banks by regulator to ensure discipline in the financial sector.

“The central bank has already sought assistance from the World Bank (WB) and the International Monetary Fund (IMF) to appoint a consultant to establish the platform,” BB’s general manage for Department of Off-Site Supervision Rabiul Hassan told BSS.

He said the BB sought financial assistance from these two organizations to pay the consultant salary and other allowances.

“We will start organizing the platform immediately after the consent from the donor agencies,” Hassan said.

He said the platform would have a team of 30-40 skilled staff from the central bank to gather and update necessary information from the banks to monitor all transactions constantly to check any wrong-doing.

“The team would take immediate step to check any irregularity if the IT-based platform identifies any suspicious transaction,” the BB official said.

He said central banks in many countries are effectively curbing corruption in banking and financial sector by using IT-based monitoring system.

News: The Daily Sun/Bangladesh/12-Sep-12